Figure Tokenized Stock (FGRS) is a blockchain-native class of common stock issued by Figure Technology Solutions on its On-chain Public Equity Network (OPEN). The asset represents actual equity issued and recorded on a public blockchain, enabling on-chain ownership tracking, settlement, and integration with blockchain-based financial services. ^[1]

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Overview

FGRS is a blockchain-native class of common stock issued by Figure Technology Solutions and launched in February 2026 as the first SEC-registered public equity to be issued, traded, and settled natively on a public blockchain. Unlike tokenized representations of existing shares, FGRS represents the actual equity itself, with ownership recorded directly on Figure's On-chain Public Equity Network (OPEN). The system enables near-instant (T+0) settlement, real-time ownership verification, direct shareholder custody, and blockchain-based stock lending and borrowing through Figure's infrastructure, while remaining compatible with regulated trading venues and self-custody wallets.

FGRS was introduced as a demonstration of Figure's OPEN platform, which is designed to support blockchain-based issuance, transfer, and settlement of public equities without relying on traditional clearing and settlement infrastructure. By recording equity ownership directly on-chain, the platform aims to reduce settlement delays, reconciliation requirements, counterparty risk, and dependence on intermediaries. The launch coincided with Figure's public stock offering and included participation from institutional investors such as Pantera Capital, reflecting broader efforts to apply blockchain technology to regulated capital markets. ^{[2] [4]}

Features

FGRS is designed with blockchain-native functionality that allows the stock to exist and operate directly on Figure's OPEN blockchain network rather than being represented by a token linked to traditional shares. Ownership is recorded on-chain, enabling real-time verification of shareholders and transfers without requiring separate reconciliation between multiple record-keeping systems. Transactions are settled through atomic exchanges of cash and shares, allowing ownership and payment to be completed simultaneously.

The platform supports near-instant (T+0) settlement, reducing the settlement period typically associated with public equity transactions. Investors can hold FGRS in supported self-custody wallets or access it through participating regulated trading platforms, providing flexibility in how the shares are managed. The stock also integrates with Figure's Democratized Prime protocol, enabling on-chain securities lending and borrowing while maintaining blockchain-based ownership records.

Because FGRS is issued as an SEC-registered public equity directly on blockchain infrastructure, it supports programmable compliance features and digital shareholder management without relying on traditional clearing and custody systems. The blockchain-based architecture is intended to streamline equity issuance, transfers, and settlement while reducing dependence on intermediaries and enabling a single, transparent record of ownership. ^{[3] [5]}